Life Insurance: The Perfect Partner for P&C Insurance

Our mission at Ladder is to make life insurance simple, easy, and affordable for all. We intentionally partner with trusted consumer brands to enable a seamless digital term life insurance experience.  By leveraging our integration capabilities, we are able to offer customers choices, at the right place and at the right time. That enables us to democratize insurance and provide families protection that is simple to understand and easy to use. 

 

A Natural Partnership

Property and casualty (“P&C”) insurance networks are natural fits for life insurance partnerships because of the context and alignment in mission:

  • Perfect context: Life insurance purchases often coincide with major life milestones. Life insurance resonates very well with P&C insurance purchasers when positioned as financial protection for the major expenses a loved one may be responsible for. Purchasing homeowners or auto insurance makes consumers more mindful of the potential need and value of income protection through life insurance on these large ticket expenses.
  • Alignment in mission:  P&C insurance providers are trusted by their customers. They are there through thick and thin and offer the reassurance that protection is in place. Partnering with a digital term life insurance provider like Ladder provides an opportunity to extend the protection to all dimensions. The alignment in mission to provide customers with financial protection make P&C insurers valuable partners.

 

Reasons to Partner with Life Insurance 

There are several reasons why P&C providers should consider partnering with digital term life insurance providers. 

    • It’s a win-win opportunity:  By partnering with Ladder, P&C insurers can democratize access to life insurance and play a crucial role in reducing the coverage gap. The 2022 Insurance Barometer Study by LIMRA estimates that 106 million Americans don’t have sufficient life insurance. In addition to helping solve a very pertinent problem, partnering with Ladder provides valuable income. 
    • It deepens customer relationships: The more policies per household under one provider, the greater the customer retention. Further, life insurance purchases help enhance customer engagement between the customer and the company. Term life insurance, by design, is a consumer product with a long relationship horizon. Customers are less likely to switch providers when they have their life insurance and P&C policies from the same place.
    • Life insurance is a large opportunity: The life insurance market is a $776 billion industry, with over four times as many life insurance policies sold as mortgages each year. (By comparison, the auto insurance industry is worth $740 billion). A confluence of factors such as COVID-19, growing global uncertainty, and the emergence of new-age insurtechs such as Ladder has driven life insurance interest and applications to a decade-long peak.
    • There is an enhanced value proposition for agents: By partnering with Ladder, the P&C network has an additional product that it can offer to its agents licensed to sell life insurance. The opportunity to earn more revenue, with limited additional service work makes for a much more attractive value proposition for the P&C network’s agents.

Ladder Makes it Easy to Partner

Ladder is redeeming life insurance using technology to help more people get covered in an instant, easy, and affordable way. Ladder partners with trusted consumer brands to enable a seamless term life insurance experience. 

Our digital-first approach, which powers our ability to offer around 90% of our customers a policy offer within 5 minutes, also enables a quick and seamless integration experience for partners. P&C networks can add a relevant new, digital product with little upfront time or resource investment. They can also avoid the compliance burden of rolling out their own insurance product. Ladder enjoys successful partnerships with various well-respected P&C insurance networks and is always looking to partner with more.

Curious to learn more? Email us at bd@ladderlife.com to see how partnering with Ladder can benefit your organization.   

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